Danaher vs IQVIA
Danaher is the larger business, with $24.57bn of revenue in fiscal 2025 against $16.31bn for IQVIA (1.5 times as much). IQVIA grew faster (5.9% against 2.9%). Danaher kept more of each dollar of sales as profit: a net margin of 14.7% against 8.3%. Danaher carries less debt relative to equity (35.1% against 243.0%).
| Latest fiscal year | DanaherDHR, 2025 | IQVIAIQV, 2025 |
|---|---|---|
| Revenue | $24.57bn | $16.31bn |
| Revenue growth | 2.9% | 5.9% |
| Net income | $3.61bn | $1.36bn |
| Operating margin | 19.1% | 13.4% |
| Net margin | 14.7% | 8.3% |
| Return on equity | 7.1% | 21.6% |
| Free cash flow | $5.26bn | $2.05bn |
| Cash | $4.62bn | $1.98bn |
| Total debt | $18.42bn | $15.80bn |
| Debt to equity | 35.1% | 243.0% |
| Dividend per share | — | — |
| Dividend yield | 0.6% | — |
| Share buybacks | $3.09bn | $1.24bn |
| Employees | 60,000 | 93,000 |
| Market value | $161.77bn | $43.14bn |
| Price vs our value range | Above our value range | Within our value range |
| Moat score | 73 (Strong) | 58 (Moderate) |
| Insider trades, 12 months | 0 buys, 21 sales | 0 buys, 10 sales |